Category Archive for ‘Coconut Grove Real Estate’

Fall is here and if you live in Miami you have definitely noticed a change in the air! The new season also means that we have entered the 4th quarter of 2016. I wanted to give you an update on where the market stands as we begin to close out the year. So far to date there have been approximately 90 single family home sales. These have sold at an average of $459.00/square foot. Additional 2016 sales include 120 condos, 80 townhouses/villas, and 19 land sales. Although prices have remained steady since 2015, the Grove is on track to have far fewer sales and less overall volume in 2016.

After speaking with other top agents in town, we believe the unusual slowdown is due to the fact that people are completely consumed and captivated by the Presidential election and are nervous with the uncertainty of the future. I believe that whatever the outcome is, after November 8th things will certainly pick up and we will have a strong start to 2017.

For those of you who are monitoring the market, check out the recent sales in Coconut Grove below:

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

This weekend will be a great opportunity to come and preview 9 Coconut Grove homes of different styles and prices. Join us for a Mega Coconut Grove Open House Tour on Sunday, October 2nd from 12:00 to 2:00 pm!

Home value analyses these days are based heavily on a “price per square foot” calculation. In order to give a correct valuation, you want to make sure that you are working with the correct square footage number for the subject property, and EVERY house that you are using as a comparable as well. When most properties go on the market, the agents will use the square footage number that is documented on the tax rolls. Here in Coconut Grove, we find that the tax roll figures can occasionally be wrong due to additions/expansions to homes that have not been recorded. When there is a question on the square footage of the subject property, our team will often enlist the help of a property appraiser to measure the house so that we can make sure we are properly representing and valuing the home. But when it comes to the comparable properties, we don’t have a way to double check the square footage numbers aside from the tax rolls (which as I said can sometimes be wrong).

It may come as a surprise to the consumer that Realtors can put whatever figure they want for the “Square Footage” field on the MLS. Some companies, including EWM Realty International, require the square footage to be certified by an architect when it varies from the number on the tax rolls. This ensures that we are not misrepresenting the public. But unfortunately not all brokerages are so diligent.

The “square footage” issue has become even more of a problem lately with new construction homes. Many builders, who often times have their own brokerages, will put the Total Area Square Footage number in the field for Adjusted Square Footage on the MLS (the tax information has not been recorded yet for these properties because they are new). It works to their benefit because it looks like the property is larger compared to other similarly priced homes and it also gives them a lower “price/square foot” figure. This is deceiving to potential buyers who will think they are getting more for their money. For those of you who aren’t familiar with the difference, the Total Area includes everything under-air as well as all of the covered outdoor spaces whereas Adjusted Square Footage includes everything under-air plus a percentage of the garage and covered outdoor spaces. In our market, Realtors calculate “price/square foot” numbers based on AdjustedSquare Footage.

Is there legal recourse if a buyer purchases a home based on false information? Probably not. There is a disclaimer on the bottom of every MLS listing that says “The information on this page is believed accurate but not warranted”. The best advice that I can give to buyers out there, is to work with a knowledgeable, local Realtor who will do their homework and make sure you are not being mislead by inaccurate information.

_______________________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

We have officially entered the “busy season” for real estate in South Florida, and Coconut Grove has experienced a nice increase in inventory over the past few weeks. If you are a buyer, you have no doubt noticed that there are many new listings on the market to take a look at. One of the nice trends that I have noticed is the number of new listings which are priced under $1,000,000. This is historically one of the most active segments of the market (in terms of buyers) but one which has been desperately in need of inventory.

Check out my team’s latest new listings to hit the market (click on each property for more photos and information):

If you would like to schedule a showing of any of these properties, please feel free to contact my office at 305-960-5318 or send us a message here.

_______________________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

Please save the date for our next “Coconut Grove Real Estate Talk” on Monday, October 24th at Greenstreet Cafe. Real estate in the Grove has changed dramatically over the past year. Join me for a discussion on where the market stands today and where it is headed in the coming months. We will talk numbers, trends and stats. This is a “must attend” event for anyone considering buying or selling in the Grove.

Free Event | Open To The Public | Greenstreet Cafe

Monday, October 24th | 6:30 pm – 8:00 pm

Grove At Grand Bay along South Bayshore Drive is Coconut Grove’s first high-end condo project since 2006. The twisting towers, designed by “Starchitect” Bjarke Ingels Group have left a dancing silhouette on Coconut Grove’s skyline. The design of Grove at Grand Bay is groundbreaking and the first of its kind. Every floor “twists” 3 feet to the left, providing a slightly different view/angle of Biscayne Bay and Miami’s skyline for each unit.

For Sale At Grove At Grand Bay, Coconut Grove

Now that the closings have begun at The Grove At Grand Bay, we are starting to see some resales hit the market. I have just listed Unit 803 in the North Tower which offers 5 bedrooms, 5 full baths and 1 half bath. This particular residence stands apart from the others because it has a lock-up, climate-controlled 2 car garage with nearby access to the unit’s private elevator. It features an open design with 4,378 square feet of living space, an additional 1,362 square foot of covered terrace and panoramic water views.

Grove At Grand Bay Amenities, Coconut Grove

Grove at Grand Bay offers unsurpassed amenities. The rooftop pool in the North Tower is one of a kind and has breathtaking bay views. Raymond Jungles’ brilliant landscape design includes nearly 500 trees and 15,000 plantings on the 3 acre grounds. Grove At Grand Bay understands the desire for pet-centric spaces and built a “dog- spa” which is a tiled room with shower heads and drying platforms. They also have a staffed day boarding facility for dogs and cats as well as a full time pet concierge who will coordinate dog walking and other animal needs. Other amenities include a 2,500 sq. ft. state of the art fitness center, wine cellar, theater, teen room, children’s playground, club room, library, resident’s lounge, butler, full-time concierge and a private chef who creates a weekly menu and is available for catered events. It is safe to say that the Grove at Grand Bay sets the bar high for luxury living in South Florida.

Unit 803 North is being offered at $4,500,000. For more information please contact us at 305-342-1623 or send us a message here.

_______________________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

Congratulations to our seller who just closed on the home at 3545 East Glencoe Street in North Coconut Grove. This modern residence was professionally designed on the interior and exterior with dramatic living and entertaining spaces. As you walked through the home you could feel the superior quality in every element. From the Brazilian hardwood floors to the sleek outdoor bar, no detail was left overlooked. The home featured 4 bedrooms, 3.5 baths with 3,600 square feet on a 4,800 square foot lot.

We had the home listed in early 2016, however in March our client decided to take it off of the market. A few months later, one of the buyers who previewed the home while it was for sale circled back around and made an offer. After some tough negotiations, we put the home under contract for a price of $1,900,000 or $527.00/square foot, and it closed on August 25th. This “sale price/square foot” is well above the average in Coconut Grove, and it is a great comparable for similar homes in the neighborhood!

Many thanks to Gilbert Rockson for trusting our team with the sale of his home, and for taking the time to write this review for us on Zillow:

“Riley and his team were very professional in the recent sale of my home. They were knowledgeable and went “beyond the call of duty”. Thanks guys for making the transaction go so smoothly.”

_______________________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

We all know that the residential real estate market has been slow this year. But one segment that has been hit really hard in 2016 is the waterfront home market in Coconut Grove. There have been just 4 waterfront homes sold so far in 2016 (two of these were not even typical sales):

3551 Main Highway | Las Brisa which was a 6.9 acre property that sold to Ransom Everglades High School for $34,600,000. This was essentially a land value transaction.

Many people may not realize that Coconut Grove has some of the best waterfront properties in Miami. A majority of them are located in gated communities and all of them have direct ocean access (i.e. no bridges to the bay) meaning you can be on Biscayne Bay within 5 minutes or less. A majority of the waterfront homes in other neighborhoods such as Coral Gables are located on canals that can take as long as a 30 minutes to get to open water.

_______________________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

Activity in Bay Heights has been fairly quiet over the past few years due to an extremely low amount of inventory there. The demand, however, is high for this neighborhood because it offers residents a very short commute to downtown, Brickell and Miami Beach. Bay Heights is located in the northernmost section of Coconut Grove and therefore avoids the congestion that other Grove residents face along South Bayshore Drive, Main Highway and Ingraham Highway. Bay Heights has seen the highest increase in price over the past 5 years compared to any other Grove neighborhood.

There are currently just 6 active listings in Bay Heights. These homes range in price from $1,089,000 to $2,150,000 ($380.00/square foot to $524.00/square foot). Right now there are 2 pending sales; the first is listed at $2,550,000 and located at 58 Bay Heights Drive (new construction home), the second is listed for $1,250,000 and located at 178 South Shore Drive.

So far in 2016 there have been just 3 closed sales. The closed sales have come in at an average sale price of $1,150,000 and $402.00/square foot. The average sale price was the same in 2015, however, the average “sale price/square foot” was lower at $381.00.

_______________________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

There are only a handful of multi-family residences located in North and South Coconut Grove. Over the years the city has changed zoning laws so that property owners cannot build multi-family dwellings on lots that are zoned for single-family. However, pre-existing multi-family dwellings are grandfathered in and are 100% legal. There are very few of these types of properties still in existence today which is what makes 1720 Wakeena Drive so unique. It is a legally conforming triplex situated on a beautiful 10,858 square foot lot on a quiet street in North Coconut Grove. This is a great opportunity for someone who needs a multi-generational home. 1720 Wakeena Drive allows everyone to be together but comfortably apart. The two downstairs units consist of a 2 bedroom, 1 bath as well as a 2 bedroom, 2 bath each with their own private entrance and garden. The upstairs unit offers 3 bedrooms, 3 baths with a private terrace. It would also be ideal as an income producing property.

The home dates back to the early 1930’s when it was a single family home. It was converted to a triplex in the 1970’s by William Hamilton Arthur III, a noted Miami architect. The entire property has just undergone a major renovation including electrical and plumbing and also features a tropical pool surrounded by lush landscaping and wood deck.

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.